Consultancy Market Insights Newsletter: September 2024
Hello 👋
Welcome to our monthly consultancy insight newsletter, September Edition! 🍂
As we close out Q3, it’s time to reflect on the strong momentum we’ve seen this year and start preparing for what promises to be an impactful Q4. Consultancy activity continues to thrive, with more businesses seeking specialised expertise to navigate the ever-evolving market landscape. While challenges like longer payment terms remain, the increased contract values and demand for agile consultancies show no signs of slowing down.
Let’s make the most of the final stretch of 2024 and continue driving success together!
How Consultancies can prepare for Q4
With Q4 just around the corner, now is the perfect time for consultancies to position themselves for a strong finish to the year. Here are a few steps to ensure you’re ready for the opportunities and challenges ahead:
1. Review your Q3 performance: Assess your wins, missed opportunities, and lessons learned from Q3 to fine-tune your strategy for the rest of the year.
2. Plan for the seasonal spike: Many industries ramp up activity in Q4, particularly in the lead-up to the holidays. Make sure your team is prepared to handle increased demand and deliver on tight timelines.
3. Secure long-term contracts: Use Q4 as a chance to solidify client relationships and lock in contracts for 2025, ensuring a strong pipeline for the year ahead.
4. Focus on cash flow: With extended payment terms becoming more common, review your financial health and explore solutions like flexible funding to ensure you maintain steady cash flow through year-end.
5. Stay agile: The market is unpredictable, so make sure your consultancy is equipped to adapt to any last-minute changes or emerging trends.
Spotlight on: Welcoming Our New Customers
This quarter, several dynamic consultancies have chosen Sonovate as their funding provider:
- Cybersecurity consultancy – £140K turnover
- Cybersecurity consultancy – £150K turnover
- Data Management & Project Support consultancy – £200K turnover
- Digital Transformation consultancy – £150K turnover
- Digital Transformation consultancy – £125K turnover
- Renewable Energy consultancy – £160K turnover
- Outsourced Sales and Marketing Consultancy – £500K turnover
- Sustainability Consultancy – £4m turnover
- Digital Transformation Consultancy – £8m turnover
…and many more!
We’re thrilled to have these consultancies on board and excited to support their growth journey!
Thinking About Funding for Your Consultancy?
If you’re considering a funding provider to support your consultancy’s growth, we’d love to help. Reach out to learn more about how our services can benefit consultancies like yours.
Insider Perspectives: Market Insight
by Daniel Lewis, Business Development Consultant:
“Q3 was definitely a mixed bag for consultancies, with a Summer Slowdown definitely rearing its head in July/August. That being said – it wasn’t all bad! I supported a number of established consultancies with funding this quarter, who had historically always “got by” without the need for external funding, but had recently won larger projects on extended payment terms. While they could have taken this work on, it would have been a stretch for their continued growth, and so ultimately decided to use Sonovate to ensure they could take these projects on confidently without being hindered by long payment terms. As we enter Q4, things are looking positive and things are moving in the right direction. I’ve already seen an uptick in businesses looking for funding. Q4 is historically a busy time of year all round – seems that’s likely to continue this year!“
by Ross Winter, Business Development Consultant:
“This quarter, I’ve seen an uptick in the number of consultancies who have recently incorporated seeking funding for the first projects that they have won. With 7 of the businesses I’ve been speaking to over the past few months receiving funding their first invoices this quarter, we are starting to see the Consultancy market begin to ramp up before the start of Q4 and it’s incredibly exciting to be working with these Consultancies moving forwards.
Looking forward to Q4, there’s plenty of reason for optimism, as we usually expect plenty of activity as end clients begin using up their remaining budget for the calendar year so there’s no better time to begin looking at funding for projects for the remainder of 2024 and going into Q1 of 2025.“
Thank you for reading!
We hope you found our updates and expert analyses valuable. As always, we are committed to providing you with the latest trends and insights to support your strategic decisions and drive your success. Stay tuned for more in-depth coverage and expert perspectives in our next issue.
Should you have any questions or wish to discuss how these trends might impact your business, feel free to reach out.